Universe Pharmaceuticals INC (UPC) experienced an incline of 3.24% in the premarket today. However, the last trading session closed at $2.47 with an increase of 4.66%.
Financial Results for First Six Months of Fiscal Year 2021
On 2nd August 2021, UPC released its preliminary unaudited financial results for the first half of the fiscal year 2021, which concluded on March 31, 2021. Firstly, the total revenues grew by $7.9 million to $24.3 million for the six months ended March 31, 2021. Secondly, the third-party product sales grew from $9.0 million to $11.0 million in the six months ending March 31, 2021. From $7.9 million in the six months ending March 31, 2020, to $12.3 million in the six months ending March 31, 2021, the cost of revenues grew by $4.4 million, or 56.4 percent.
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Strategic Cooperation with Kitanihon Pharmaceutical Co., Ltd.
On 25th May 2021, UPC stated that the Business signed a letter of intent with Kitanihon Pharmaceutical Co., Ltd. KP is a Japanese company that specializes in pharmaceutical and medical product research, development, manufacture, and distribution. Both parties agree to open a flagship shop on global.jd.com, a popular Chinese e-commerce site that sells international items, as part of the LOI. The Company agrees to run the flagship shop as KP’s sole distributor.
The Company will use worldwide e-commerce platforms to distribute KP’s products in the Chinese and Southeast Asian markets. This will allow both parties to develop. Furthermore, the parties agree to jointly create Universe Hanhe Medical Research Institute Co., Ltd. as a medical product research and development center. The Chinese government will treat the Center favorably when it comes to policy. KP commits to use its quality control standards and modern technology in the creation of medical goods, and the Company will make use of its R&D capacity and medicinal resources.
UPC Attends West Lake Forum and Exhibits Upgraded Products
UPC stated that on May 12, 2021, that the Company attended the West Lake Forum in Hangzhou, China. At the Forum, the company also displayed an improved version of Guben Yanling Pill. The West Lake Forum was established in 2013, and it has been hosted in Hangzhou for the last eight years. The Forum has been significant in encouraging healthcare company collaboration and the growth of China’s entire healthcare sector.